© Reuters. A screen displays data for the German DAX index at the Frankfurt Stock Exchange on April 12, 2023. Photo by Reuters.
From Shrishi Sanyal
(Reuters) – European stocks closed higher on Friday after strong quarterly earnings boosted shares of SAP (TADAWUL:) software and Esilor Luxottica optics, offsetting declines in mining companies. The index of European shares rose 0.4 percent, recording gains for the fifth week in a row.
Shares of software company SAP jumped 5.2% to their highest in more than a year after it reported first-quarter revenue that beat analyst expectations and plans to use generative artificial intelligence in its products.
European technology shares rose 0.9% and health care shares rose 1.7%, both leading gains in the sector.
Esilor Luxottica jumped 6.3 percent, one of the biggest boosts to the benchmark STOXX index, after the luxury eyewear maker reported a rise in first-quarter revenue on a China-led growth rebound.
Mining companies were the most lagging behind, falling 3.8 percent, due to lower prices due to expectations of weak demand. The index approached its lowest level in one month.
European stocks have risen more than 2 percent so far this month as fears of a banking crisis recede and investors look forward to earnings season.
Shares of Mercedes-Benz Group rose 1.4 percent as the company reported higher than market expectations for the first quarter.
The FTSE index for medium-sized companies rose 0.7% after shares of Payment Services Company Network International rose 10.4% to their highest level since June 2021, after it received an offer from Brookfield Asset Management.
(Prepared by Muhammad Harfoush for the Arabic Bulletin – Edited by Ayman Saad Muslim)